Philippines EconomyThe Philippines is a country located in Southeast Asia with a population of about 109 million people. It has a developing economy that is ranked as the 35th-largest in the world.
The Philippine economy is a mixed economy, meaning it combines elements of a market economy with a planned economy. The government plays a significant role in the economy through state-owned enterprises and other forms of regulation, but there is also a significant private sector.
The main sectors of the Philippine economy include industry, agriculture, and services.
- Industry: Industry is a major contributor to the Philippine economy, accounting for about 27% of the country's GDP. Major industries include manufacturing, construction, and mining. The Philippines is a major exporter of textiles, footwear, and other light industrial products.
- Services: The service sector in the Philippines is growing and now accounts for about 73% of the country's GDP. This sector includes financial services, real estate, and tourism.
- Agriculture: Agriculture is a significant sector of the Philippine economy, employing about 10% of the population. Major agricultural products include rice, vegetables, and fruit.
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